1. The commissioner shall apportion each year to each non-public institution of higher education offering an approved program in medicine a sum to be determined as follows:

1. (a) Two thousand one hundred fifty dollars shall be apportioned for each full-time student enrolled.

2. (b) An additional three thousand five hundred dollars shall be apportioned for each full-time upper division student enrolled who is a resident of the state and who:

   1. (i) participates in the coordinated transfer program of the association of American medical colleges; or
   2. (ii) participates in the fifth pathway program; or
   3. (iii) participated in and successfully completed in good standing the biomedical education program of the city college of the city university of New York.

4.

1. (a) To be eligible for assistance under this section an institution must meet such standards of educational quality applicable to comparable public institutions of higher education, as may be from time to time established by the regents.
2. (b) In addition, to be eligible for assistance under subdivision two of this section an institution must annually submit to the commissioner a complete and detailed report as to each major item of educational and other revenue and expenditure contained in the budget for such approved program of dentistry, for both the preceding and the current academic years for which aid pursuant to this section has or will be received. Such report shall also include enrollment and faculty data, and shall be in such form as the commissioner, with the approval of the director of the budget, may prescribe. The commissioner, upon review of the data contained in such report, shall be authorized to require such institutions to file an application with the appropriate agency of the federal government for a Financial Distress Grant pursuant to Title VIII of the Health Professions Educational Assistance Act of 1976, as a condition of further receipt of assistance under subdivision two of this section.